AUSTIN - Construction was completed on 2,390 multifamily units in the last three months, 15.5 percent more deliveries than the preceding quarter, according to Berkadia’s Austin Multifamily first quarter 2015 report.

Rental demand heightened with 2,780 newly occupied apartments in the first quarter, up from 1,190 units absorbed in the preceding three months. A combined 8,760 units were absorbed in the last year.

Vacancy lowered 20 basis points to 4.8 percent in the first quarter. The decrease was part of a 30-basis-point decline in the last year.

At $1,101 per month in March, average asking rent was up 1.3 percent since December. Rents increased 4.8 percent year over year.

Austin Vacancy & Rent Comparison

Submarkets*

Vacancy

Average Rent

1Q 2015

1Q 2014

1Q 2015

1Q 2014

Central

6.1%

4.8%

$2,025

$2,002

West

6.9%

6.3%

$1,370

$1,351

Travis County West

5.4%

5.5%

$1,229

$1,191

Far South

5.1%

4.8%

$1,146

$1,093

Northwest

5.6%

7.0%

$1,144

$1,109

Far Northwest

6.3%

4.6%

$1,117

$1,056

Travis County East

5.0%

4.6%

$1,084

$1,042

East

5.1%

6.2%

$1,068

$960

Hwy 183/Cedar Park
/Leander

5.9%

5.0%

$1,034

$981

Southeast

5.8%

4.9%

$1,005

$901

Hays County/Other

4.8%

6.2%

$1,000

$986

Total**

4.8%

5.1%

$1,101

$1,050

*Listed submarkets include those which have an average rent over $1,000 in 1Q 2015 and are sorted by average rent.
**Total represents all 18 submarkets in Austin.